About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Daily Chart Art – August 27, 2012

GBP/USD: Daily

Is that a possible reversal I spot? Why, yes it is! A shooting star had formed on the daily chart of GBP/USD and with the bearish marubozu that followed it, it could mean that the pair’s rally has come to an end. If price continues to fall, pay attention to the 1.5740 area, as that’s where the next major support level will be.

NZD/USD: 1-hour

Check it out, homes! NZD/USD is currently testing support at the rising trend line. Will it hold or will it break? If you think there are enough bulls in the market to push the pair back up to .8180, you may want to wait for a bullish candlestick to materialize first before buying. Who knows, the trend line might not hold and a close below Friday’s low at .8080 could mean that NZD/USD would soon drop like a rock!

EUR/USD: 4-hour

In the mood to trade the majors this week? If you are, you could take a shot at this potential retracement play on EUR/USD. The pair is heading towards the 50% Fibonacci line, which is right smack at the 1.2450 psychological handle and a former resistance level on the 4-hour chart. Stochastic also looks like it’s going for the oversold area, so you better pay extra attention if the pair reaches the 1.2450 mark! We could be in for a bounce, brothas!

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.